Melbourne Airport Corporation has pre-committed CSL-backed cell-based vaccine and antivenom manufacturing group Seqirus to what will be one of Australia’s largest industrial properties – nearly 1.5 times the size of Rialto Towers.
The key factor for the tenant was location – specifically, the ability it will provide to quickly fly out supplies all day every day – the parties said.
With 118,000 square metres of internal area, the multi-level facility is due for completion in early 2024.
It will then take two years to commission.
At that time, the landlord estimates, the asset could be worth $800 million.
It is unknown what portion of the fit-out cost each party will pay.
On average, high quality industrial space within Melbourne Airport Business Park rents between $85-$100 per sqm, per annum, ex-incentives.
The 2663 hectares of MAC controlled land is a suburb – Melbourne Airport – often called Tullamarine.
North of Sharps and Annandale roads, its three main thoroughfares are Airport Drive and South Centre and Link roads.
Once in a lifetime opportunity: landlord of tenant
MAC chief of Commercial Property, Andrew Gardiner, said securing Seqirus as a “long term tenant” was a once in a lifetime opportunity (the precise lease term was not disclosed).
“Never before has the world been so fixated on vaccine development and we’re proud that one of the world’s premier public health protection companies is deciding to call Melbourne Airport home,” the executive added (story continues below).
“Seqirus is a huge acquisition for us.
“It really changes the face of Melbourne Airport Business Park and amplifies our property portfolio by putting us on the map in the medical and healthcare sector”.
The industrial estate, about 16 kilometres from the CBD, benefits from being easily accessible via freeways to a broader catchment covering (the north and west) half of the city.
Access to international markets, with 24/7 security: landlord of Melbourne Airport Business Park
Outside of the airport complex, Melbourne Airport has four property precincts and 64 on-site brands – some of the higher profile businesses including URBNSURF, Essendon Football Club, Porsche and Toll.
The bulk of the landlord’s new development has taken place at the southern edge of the holding, abutting Tullamarine, near Keilor Park.
Infrastructure investment – closing off Melrose Dve and setting up for the Melbourne Airport Rail Link – has also been carried out in recent years.
“What really sets us apart as a property owner and developer is our ability to offer tenants round the clock access to international markets, with 24/7 security,” Mr Gardiner said of the industrial estate.
“We also provide convenient access to arterial roads, further supporting companies that need to transport goods quickly”.
MAC chief executive officer Lyell Strambi added COVID has made the airport shift focus from traditional aviation-related revenue streams.
“We [are] firmly focused on expanding and diversifying our property precincts and look forward to partnering with many more quality tenants as we continue to grow the airport”.